2023-06-08-世界银行-经济和社会权利对主权债务投资的潜在影响（英）_52页_6mb

Sovereign Debt Investing and Economic & Social Rights

This report explores the implications of tying economic and social rights (ESRs) to sovereign debt investments. ESRs—such as rights to education, health, food, housing, and work—are key to long-term sustainability and align closely with Sustainable Development Goals (SDGs). However, sovereign ESG metrics often suffer from an "income bias," favoring high-income countries and distorting measurements of impact.

The Human Rights Measurement Initiative’s income-adjusted ESR dataset addresses this by evaluating a country’s performance on ESRs relative to its income level. It uses five core indicators to assess how effectively countries use their resources to achieve ESR outcomes.

A practical application includes tilting investment portfolios toward countries with strong ESR performance, as demonstrated with the J.P. Morgan Emerging Market Bond Index. This approach shifts index weights toward nations that prioritize ESRs, even after accounting for income differences, potentially improving long-term investment outcomes.

The dataset complements traditional sovereign credit ratings and ESG scores, offering unique, additionality in measuring sustainable development. While portfolio diversification remains a challenge in tilting strategies, the evidence suggests ESR-aligned investments are a viable tool for sustainability-oriented investors.

Further steps include refining the measurement of ESR-related reforms, advancing ESG frameworks, and addressing gaps in data availability to enhance the utility of the dataset for global investors.